Bright future for retail in Derby
Bondholder intu Derby is under new management as real estate investment and finance firm Cale Street Partners has consolidated its ownership of the shopping centre, thereby securing full control.
Derby is the first of 17 intu shopping centres in the UK to migrate to new management since the firm entered administration in June. The management and day-to-day operation of the centre will be the responsibility of international property firm Savills and its former Executive Director of Capital & Regional, Ken Ford.
In 2019, Cale Street Partners paid £186.3m for half of the centre in a deal funded by the London-based Kuwaiti Investment Office following discussions with Bondholder Derby City Council and Marketing Derby at global property exhibition, MIPIM. The recent deal has been completed for an undisclosed sum.
Derby’s Economic Recovery Task Force has welcomed the news with Leader of Bondholder Derby City Council, Cllr Chris Poulter saying: “We have enjoyed a long and successful partnership with intu Derby’s local management team and will be seeking to continue that relationship with the new owners.”
A full rebranding project will be undertaken in the coming months, with the name Derby Centre used as an interim measure.